The invention relates generally to funds transfers, and more particularly relates to transferring money between parties in a semi-automated or automated manner.
One party may wish to transfer money to herself, a counter party, or vice versa, for any of a variety of reasons. Frequently, a payor party owes a debt to a payee party. These debts could be reoccurring and for small amounts. For example, royalty checks can often be for such small amounts that the cost of printing and mailing the checks can significantly increase the cost of distributing these royalty checks.
There are many other reasons to regularly transfer funds. For example, many employers offer their employees direct deposit of paychecks. The employee provides account and routing information for a bank account to the employer. Paychecks are directed into one or more bank accounts in this way. In some cases, direct deposit is used for other purposes also.
In the appended figures, similar components and/or features may have the same reference label. Further, various components of the same type may be distinguished by following the reference label by a dash and a second label that distinguishes among the similar components. If only the first reference label is used in the specification, the description is applicable to any one of the similar components having the same first reference label irrespective of the second reference label.